Vistry stays upbeat on robust demand for new homes

Vistry Group, one of the UK’s top homebuilders, anticipates its full-year profits will be at the top end of guidance as demand from buyers was above last year’s elevated levels.

Rising interest rates and economic upheaval have failed to shake demand for new homes, the FTSE 250 housebuilder said in an update on Friday.

The upbeat statement contrasts with growing fears about a housing market slowdown, precipitated by rising borrowing costs, inflation and fears of recession.

Those concerns have weighed on shares across the housebuilding sector in the past six months. Vistry’s shares are down around 30 per cent over that period.

But Greg Fitzgerald, the chief executive, said: “whilst mindful of the wider economic uncertainties, we are positive on the outlook for the group and expect to see significant margin progression in the full year”.